A severe North American winter storm has suspended cryptocurrency firm Binance's cloud mining products from December 24-26, according to an official announcement on Wednesday.
The Binance announcement stated that as a result of the power outage, the company announced that users' subscriptions to cloud mining products were for a period of three days, explaining that more outages due to weather conditions will extend the duration of cloud mining subscriptions.
Launched nearly a month ago, Binance's cloud mining service allows users without mining equipment to earn mining rewards from the Binance Pool. Subscriptions are required to purchase hash rates and mine bitcoins on the Binance cloud platform.
During the days leading up to Christmas, a massive tornado unleashes extreme temperatures across the United States, knocking out millions of people and claiming dozens of lives.
Weather conditions in Texas have caused bitcoin miners to voluntarily scale back their operations to put power back into the grid, allowing residents to keep their homes warm. The turmoil affected Bitcoin's hash rate, which fell to 170.60 exahashes per second (EH/s) on December 25, from a more typical rate of around 225-300 exahashes per second, Coin Telegraph reported.
Bitcoin transactions around the world slowed by 30% as a result of the miners' decision in Texas, which is among the top states for bitcoin mining in the US, along with New York, Kentucky, and Georgia; All states have been affected by the explosive cyclone in the past few days.
